John L. Culhane, Jr.

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The Department of Justice announced that it has entered into a settlement with Meta Platforms Inc., formerly known as Facebook Inc., to resolve allegations that Meta engaged in discriminatory advertising in violation of the Fair Housing Act (FHA).  The proposed agreement was filed in a New York federal district court simultaneously with a complaint alleging…

CFPB rulemaking was the subject of a new blog post by Director Chopra published last week titled “Rethinking the approach to regulations.”

Director Chopra first discussed the CFPB’s efforts “to move away from highly complicated rules that have long been a staple of consumer financial regulation and towards simpler and clearer rules.”  He indicated that…

The CFPB has issued a request for information (RFI) that seeks comments from the public “on what customer service obstacles consumers face in the banking market, and specifically what information would be helpful for consumers to obtain from depository institutions pursuant to section 1034(c) of the Consumer Financial Protection Act.“  Section 1034(c) requires depository institutions…

The California Supreme Court has ruled in Pulliam v. HNL Automotive Inc. that the FTC Holder Rule’s limit on a consumer’s “recovery” to the “amounts paid by the debtor” under the contract does include the consumer’s attorney’s fees where a buyer seeks fees from a holder under a state prevailing party statute.  The decision has…

Under Director Chopra’s leadership, the CFPB has regularly been sounding alarms about the potential for discrimination arising from the use of so-called “black box” credit models that use algorithms or other artificial intelligence (AI) tools.  Today, in the second of its recently-launched Consumer Financial Protection Circulars, the CFPB addresses ECOA adverse action notice requirements in…

The CFPB has sent letters to the chief executive officers of five major credit card issuers regarding their companies’ payment furnishing practices.

In the letters, the CFPB cites a 2020 report in which it provided data showing a decline in the share of credit card tradelines containing actual payment data since 2012.  The CFPB states…

The CFPB announced earlier this week that as part of a new approach to innovation in consumer finance, it is replacing its Office of Innovation and Operation Catalyst with a new office, the Office of Competition and Innovation, and eliminating its No Action Letter (NAL) and Compliance Assistance Sandbox (CAS) programs.  In its press release…

The CFPB recently issued its annual fair lending report covering its fair lending activity in 2021. 

In the report’s discussion of its risk-based approach for prioritizing fair lending supervisory and enforcement activity, the CFPB indicates that much of its enforcement and supervision efforts were focused on advancing its priorities of advancing racial and economic equity…

A key issue for earned wage access (EWA) programs is whether they constitute “credit” for purposes of federal consumer financial protection laws such as TILA, ECOA, and the CFPA, or under state law.  The Treasury Department’s General Explanations of the Administration’s Fiscal Year 2023 Revenue Proposals includes a proposal concerning how EWA programs should be…